Par Pacific (PARR) said late Tuesday its 46%-owned Laramie Energy has struck a deal to sell substantially all of its oil and gas assets for $485 million in cash.
The firm said it expects to receive about $146 million from the deal, with about $27.5 million payable on the fifth anniversary of the closing date.
The company said it is also eligible to receive up to about $30 million of earn-out payments, and will exit its investment in Laramie. The deal is expected to close by year-end.
Shell (SHEL.L, SHELL.AS) halted work on its Aphrodite offshore gas project in Trinidad and Tobago amid discord with the country's National Gas Co. over the conditions of sale, Reuters reported Monday, citing three people familiar with the decision.The project, for which the British oil and gas giant issued a positive final investment decision in 2025, is expected to produce 100 million cubic feet of natural gas per day.Shell and National Gas Co. did not immediately respond to requests for comments from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Saudi Arabian Oil Co (SASE:2222), d/b/a Saudi Aramco, said Tuesday it will collaborate with unnamed French companies on deals with a potential total value of more than $3.7 billion.The Saudi integrated energy and chemical group agreed to a corporate procurement of drilling equipment, the purchase of oil country tubular goods, and a memorandum of understanding through Aramco Digital for potential partnerships on industrial artificial intelligence, virtual twin/digital twin technologies, and related technologies that may be applied in the energy sector.The group added that the agreements are expected to bolster its supply chain, improve its operations, and generate economic value for both Saudi Arabia and France.
(Updates with Shell, LyondellBasell, and ExxonMobil's statements)Energy giant ExxonMobil (XONA.F) and chemicals group LyondellBasell filed nonbinding indicative offers for four of Shell's (SHEL.L SHELL.AS) underperforming chemical plants in the US, London's Financial Times reported Monday, citing people familiar with the matter.The multibillion-dollar assets, located in Louisiana, Texas, and Pennsylvania, produce chemicals used to manufacture plastics, detergents, and pharmaceuticals, according to the report.Potential deals could be valued at up to $8 billion, with proposals covering both the entire business and individual assets. Private equity group Apollo and the chemicals subsidiary of state-owned Kuwait Petroleum Corp. also showed interest. There is, however, no guarantee that a sale will be finalized, the report added.Shell and LyondellBasell had no comment when reached by, while ExxonMobil said it does not comment on rumors or speculation. Apollo and Kuwait Petroleum Corp did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)